Jupiter Asset Management Ltd. Decreases Stake in Turning Point Brands, Inc. $TPB

Jupiter Asset Management Ltd. cut its stake in Turning Point Brands, Inc. (NYSE:TPB) by 64.2% in the third quarter, Holdings Channel reports. The firm owned 23,649 shares of the company’s stock after selling 42,323 shares during the period. Jupiter Asset Management Ltd.’s holdings in Turning Point Brands were worth $2,338,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Turning Point Brands by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,198 shares of the company’s stock worth $606,000 after buying an additional 459 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Turning Point Brands in the 2nd quarter worth $235,000. Y Intercept Hong Kong Ltd lifted its position in Turning Point Brands by 451.7% during the 2nd quarter. Y Intercept Hong Kong Ltd now owns 30,126 shares of the company’s stock worth $2,283,000 after acquiring an additional 24,665 shares during the period. Crown Advisors Management Inc. purchased a new stake in Turning Point Brands during the 2nd quarter valued at about $1,894,000. Finally, Access Investment Management LLC acquired a new position in shares of Turning Point Brands in the second quarter valued at about $6,325,000. Institutional investors and hedge funds own 96.12% of the company’s stock.

Turning Point Brands Price Performance

NYSE:TPB opened at $135.51 on Friday. The company has a debt-to-equity ratio of 0.82, a current ratio of 5.56 and a quick ratio of 3.98. The company has a 50 day moving average price of $117.30 and a 200-day moving average price of $104.11. Turning Point Brands, Inc. has a 1-year low of $51.48 and a 1-year high of $136.85. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of 47.72 and a beta of 0.87.

Analysts Set New Price Targets

A number of equities research analysts recently commented on TPB shares. Zacks Research downgraded Turning Point Brands from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. iA Financial set a $110.00 price objective on shares of Turning Point Brands in a research note on Wednesday, November 5th. Alliance Global Partners increased their price objective on shares of Turning Point Brands from $103.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. Wall Street Zen cut shares of Turning Point Brands from a “buy” rating to a “hold” rating in a report on Saturday, January 17th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $130.00 price target on shares of Turning Point Brands in a report on Wednesday, January 14th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $116.67.

Insider Buying and Selling at Turning Point Brands

In other news, Chairman David Edward Glazek sold 30,000 shares of the firm’s stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $110.26, for a total transaction of $3,307,800.00. Following the sale, the chairman directly owned 127,083 shares in the company, valued at $14,012,171.58. This trade represents a 19.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director H.C. Charles Diao sold 2,000 shares of Turning Point Brands stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $108.20, for a total value of $216,400.00. Following the completion of the transaction, the director owned 9,804 shares of the company’s stock, valued at approximately $1,060,792.80. This represents a 16.94% decrease in their position. The disclosure for this sale is available in the SEC filing. 6.60% of the stock is currently owned by company insiders.

About Turning Point Brands

Turning Point Brands, Inc (NYSE: TPB) is a U.S.-based consumer products company focused on the manufacture, marketing and distribution of smokeless tobacco, vaping and cigar products. Headquartered in Old Hickory, Tennessee, the company serves retail outlets across all 50 states through a direct-store-delivery network and select third-party distributors. Turning Point Brands operates two reporting segments—Smokeless Products and Cigar—and leverages its logistics capabilities to offer a broad portfolio of brands and SKUs.

In its Smokeless Products segment, Turning Point Brands produces moist smokeless tobacco under leading brand names such as Grizzly, Kodiak and Stoker’s.